For the trader known as Altcoin Sherpa, even if Bitcoin reaches US$ 100,000, its valuation may be surpassed by the rise that should occur in the cryptocurrencies Solana (SOL), Avalanche (AVAX), Terra (LUNA) and dYdX (DYDX).
Bitcoin (BTC) price regained its value after news from China sent the value of the largest cryptocurrency in the market down by close to US$40,000. The recovery has brought back expectations of new historic highs for the cryptocurrency market, with analysts forecasting the BTC at $100,000 by the end of the year.
However, for the trader known as Altcoin Sherpa, even if Bitcoin reaches US$ 100,000, which represents more than double and its current value at US$ 49,000, its valuation may be surpassed by the increase that should occur in Solana cryptocurrencies (SOL), Avalanche (AVAX), Earth (LUNA) and dYdX (DYDX).
According to the analyst, Solana is prepared for a new historical high in view of the configurations that the chart has been pointing out. Furthermore, he points out that after what happened to Earth (LUNA) which saw its price rise meteorically recently, the same could happen with Solan, which is experiencing hype around its project.
As for the AVAX, Sherpa says that while he made some $70 in profits, he still holds a position and anticipates another rise believing the cryptocurrency will easily pass $100.
According to him, all development around NFTs and play-to-earn games on Solana’s blockchain, such as Star Atlas, should further boost the cryptocurrency.
Altcoins that can go up
The next cryptocurrency on the trader’s list is the decentralized exchange dYdX (DYDX), which rose 26% last week. The trader believes the token can surpass all-time highs after a small pullback.
He points out that with the ban on exchanges centralized in China, investors in that nation should seek the DEX space to have exposure to the cryptocurrency market.
The latest cryptocurrency on the analyst’s list is the Ren (REN) digital asset transfer software. Sherpa sees an upward trend with noticeable highs and lows on the chart.
According to him, the trend continues to be upwards for the cryptocurrency, which has been making lows more and more highs and which should still register a retreat before a major upward movement.
REN is currently valued at $1.17 at the time of this writing, a 7% increase from last week, according to CoinGecko.
Altcoin Sherpa concludes his chart analysis by looking at the industry leader in Bitcoin encryption, targeting $53,000 as a possible breakout level after a reduction to $48,000.
$BTC: I'm still incredibly bullish in the mid term; I think that we may see some small pullback from 53->48 or something but I am not expecting much lower. Bullish MS once 53k gets broken IMO. #Bitcoin pic.twitter.com/Z0n6z2x9yW— Altcoin Sherpa (@AltcoinSherpa) October 3, 2021